November 21, 2022

CFPB Appeals Funding Decision to the Supreme Court

The bureau, which is speeding things up to make sure the case is decided by June, says the Fifth Circuit decision contradicts the Constitution, historical practice, and case law. Read More

'Pay-to-Pay' Fees Under Fire in Court and at Bureau

LoanCare agrees to pay $4.5 million to settle a class-action suit centered on whether “convenience” fees for paying by phone or online are allowed in West Virginia. Meanwhile, the bureau is making servicers refund fees for paying by phone. Read More

CFPB Could Fine Wells Fargo $1 Billion, Again

Wells Fargo and the CFPB are reportedly negotiating over violations in several lines of business at the megabank. Separately, Sen. Elizabeth Warren (D-MA) is continuing her effort to draw attention to fraudulent instant payments. Read More

Fed Examiners Point Out Compliance Management Best Practices

Some of the traits of companies that score well in examiners’ reviews of compliance management systems: top executives that are actively involved in compliance, dynamic policies and procedures, and quick, thorough investigations into consumer gripes. Read More

CFPB, Carrington Settle Over CARES Act Forbearances

The bureau alleged that the servicer misled consumers about CARES Act forbearance and misreported information to credit agencies. Carrington says the bureau is not living up to its promise to be “flexible” with servicers who meant well. Read More

Fraud, Scamming Common in Crypto-Related Complaints

The CFPB said romance and confidence schemes factor frequently in consumer complaints related to crypto assets. Hacks and platform and service failures are another major problem. Read More

CFPB: Tenant Background Check Market Opaque, Reports Often Wrong

The bureau said tenant-screening reports often contain “wrong, misleading, or old” information and that renters have little recourse. Read More

Other News in Brief

CFPB finalizes rule on risk-based supervision expansions; Gruenberg renominated as FDIC chairman; FTC safeguards rule deadline extended; Supreme Court considers agency administrative proceedings. Read More

Inside the CFPB

View Archived Issues

CFPB Appeals Funding Decision to the Supreme Court

'Pay-to-Pay' Fees Under Fire in Court and at Bureau

CFPB Could Fine Wells Fargo $1 Billion, Again

Fed Examiners Point Out Compliance Management Best Practices

CFPB, Carrington Settle Over CARES Act Forbearances

Fraud, Scamming Common in Crypto-Related Complaints

CFPB: Tenant Background Check Market Opaque, Reports Often Wrong

Other News in Brief

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Inside the CFPB

November 21, 2022

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As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?